NEW YORK, Oct. 20, 2014 (GLOBE NEWSWIRE) -- Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced it has been selected by Freddie Mac Multifamily to sell loans under the new Small Balance Loan offering. This new agency platform offers fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million on multifamily acquisitions or refinancings.
"As the #1 GSE Small Loan lender, we're honored that Freddie Mac has the confidence in Greystone's agency lending capabilities to select us to offer the Small Balance Loan offering," said Rick Wolf, senior managing director and head of Greystone's Small Loan lending group. "This designation enables Greystone to offer more financing options for small loans, an important segment representing affordable rental housing, and we look forward to growing our relationship with Freddie Mac over time."
"With its existing track record in agency lending and affordable housing initiatives, Greystone is a natural choice to offer our first Small Balance Loan offering," added David Brickman, Executive Vice President of Freddie Mac Multifamily.
The Freddie Mac Small Balance Loan Terms include:
- Properties with at least five units
- Partial or full term interest only available
- Up to 80% LTV
- 1:25x debt service coverage ratio minimum, and 1.20x in top markets
- 60-120 day rate lock
- Hybrid ARMs or fixed-rate balloon mortgage loan
- Highly competitive rates
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending; #1 in Fannie Mae Small Loans and #3 in Affordable Housing volume as a Fannie Mae DUS® lender; and as a top-5 Freddie Mac lender for seniors housing.
About Greystone
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.